Tips for Condo Buyers in Florida: What You Need to Know in 2025

Haga clic aquí para leer los consejos e información clave al comprar un condominio en la Florida en español

Thinking about buying a condo in Florida?

Condo properties have always been an important driver of Florida’s real estate market. Whether you’re a buyer, agent, broker, seller, or investor, it’s critical to understand the legal and financial risks of purchasing a Condo —especially with Florida’s new condo laws that went into effect in July 2025. Missing key documents or disclosures can lead to unexpected costs, financing delays, or even a failed closing.

In this blog, we break down the required documents, updated Condo Rider rules, and must-know due diligence tips to help you protect your investment and avoid costly surprises.

Note: Most of the references to “Condo Rider” in this Blog, updated in August 2025, are in relation to the Florida Realtors / Florida Bar Condo Rider CR-7 Rev. 06/2025

📑 What Are the Condo Docs?
How do Buyers obtain these Condo Docs?

Condo documents—or “condo docs”—are legal disclosures that give buyers a full picture of:

how the condominium is governed;
what rules and fees apply;
and what potential liabilities exist.

Condo docs contain governing documents, budgets, insurance information, and reports on the building’s financial and structural health.

Florida law (See Fla. Stat. § 718.503) requires the Seller to provide these documents to the Buyer. As of July 1, 2025, the Buyer has seven business days to review the documents and may cancel the contract within that timeframe if they find something they’re not comfortable with

Associations are required to make certain official records available to unit owners. Under Fla. Stat. § 718.111(12), associations must maintain a range of official records (declarations, bylaws, financials, FAQs, inspection reports, etc.) and make them available to unit owners or their authorized representatives at reasonable times and within 10 working days of a written request. This includes providing access electronically or via a website, where applicable .

Required Condo Docs

Declaration of Condominium – describes how the building is organized. it defines the physical boundaries of each unit, allocates common elements, and establishes owner rights and obligations. Reviewing it confirms what owners actually own —and what they share with neighbors.
Articles of Incorporation of the Association – legal documents that establish the condo association as a nonprofit corporation, its name, purpose, and governance structure.
Bylaws & Rules of the Association – This document lays out how the association is governed — notice requirements, quorum, elections, budgeting. An accompanying Rules and Regulations schedule addresses daily matters such as pet policies, leasing, and use of amenities. Together they establish the operational framework you must comply with as an owner.”
Most Recent Financial Statements and Annual Budget – Financial documents that show the financial health of the association and other critical indicators of potential special assessments. It details income, expenses, balances, insurance costs, operating deficits, and the projected budget for the upcoming year. It also must show the financial reserves the association has for future projects.
Frequently Asked Questions and Answers (FAQ) – This is a required summary written in plain language that answers key questions for owners and prospective buyers such as
- monthly fees
- resale restrictions
- rental policies
- what’s included in the standard assessments
- parking restrictions
- Visitor rules
- voting rights
- pet rules.
Governance Form – This is a state mandated form that outlines how the association works, board responsibilities, dispute-resolution procedures, and the rights of the unit owners.

📌 If the Sellers do not have a complete package of the Condo Docs, the Association usually charges a fee to obtain the documents. This fee should be paid for by the Sellers.

Additional Documents in Condo Transactions

Condominium Estoppel – A Condo Estoppel is a legal statement issued by a condominium association that confirms whether the seller owes any outstanding dues, fees, or violations. It’s required for every condo resale closing in Florida to disclose all financial obligations associated with the unit to protect the buyer and lender from hidden debts.

By Florida law (Fla. Stat. § 718.116(8)), the estoppel certificate must include:
- Outstanding balances owed by the unit owner (including monthly dues, late fees, fines, etc.)
- Current assessment amount, due dates, and payment frequency
- Special assessments (pending or approved)
- Transfer fees
- Upcoming changes to regular assessments (within 12 months)
- Association contact details and signature

The association must provide the estoppel within 10 business days of receiving a written request. Some offer “rush” processing within 3 business days for an additional fee. Once issued, the estoppel is valid for 30 days.

Typically, the seller pays for the estoppel (as per contract). If the Seller is represented by an attorney, the Seller’s attorney usually orders the estoppel; otherwise, the title company or closing agent will order the estoppel so that it arrives within a few days of closing, so the financial information contained in the estoppel can be added to the Closing or Settlement Statement.

Condominium Questionnaire – This is not part of the standard condo documents listed in the Condo Rider, but it’s usually required by the lender when the buyer is getting a mortgage. The lender sends this form to the condo association to confirm things like owner-occupancy rates, reserve funds, insurance, and any lawsuits. If the answers raise concerns, the condo might not qualify for conventional financing—so it’s important the questionnaire is completed accurately and on time.

🏗️ What’s New in Condo Regulation and the Condo Rider as of 2024–2025?

As of December 2024, the Florida Realtors / Florida Bar Condo Rider also requires the Seller to provide:

Milestone Inspection Report – A safety inspection required when a condominium building with three or more habitable stories reaches 30 years of age. If the building is located within 3 miles of saltwater, the local enforcement agency may require the first inspection at 25 years, followed by inspections every 10 years. This inspection checks for structural issues that could pose safety risks and helps ensure the building remains in safe structural condition. The report identifies structural deterioration and classifies repairs as Phase I (visual) or Phase II (detailed). Findings often determine whether immediate funding is required.
Structural Integrity Reserve Study (SIRS) – evaluates the long‑term maintenance costs of critical structural components—roof, load‑bearing walls, plumbing—now mandatory for buildings with three or more habitable stories. It projects reserve funding needs and must be updated at least every ten years..
Turnover Report – A set of important records that the developer must hand over to the unit owners when control of the condo shifts from the developer to the association.

As of July 1, 2025, Buyers may also request:

Board meeting minutes and agendas for the last 12 months – Meeting records provide the official history of board decisions on budgets, litigation, and assessments. New legislation now requires associations with 25 units or more to post these minutes online within 30 days, offering buyers transparent insight into upcoming financial obligations. ⚠ These are crucial documents for a Buyer’s due diligence, especially for the Buyer to search and discover any pending or possible future special assessments.
Member meeting minutes and agendas for the last 12 months – These documents record membership votes on material changes—assessment approvals, borrowing resolutions, or rule amendments. Reviewing them indicates owner sentiment and financial risk that may not yet appear in board minutes.
Insurance declaration page – Lenders require evidence of adequate property, wind, and—if applicable—flood coverage. The Declaration Page states policy limits, deductibles, and carrier ratings, demonstrating that collateral is properly insured.

📌 The Buyer has 7 business days to review all of the above from the date they are received and can cancel within that period.

💰 Special Assessments 2025: Who Pays for What?

Condominium associations can impose special or additional assessments to cover major repairs, upgrades, or funding shortfalls. Whether the Buyer or Seller pays depends on the agreed upon language in the Contract and its addenda.

With the changes to the Florida Realtors / Florida Bar Condo Rider CR-7 Rev. 06/2025 in July 2025, who pays for the Special Assessments is negotiated based on two factors:

When the assessment was levied
If the Association allows for payments in installments after Closing

Here’s a breakdown of the Florida Realtors / Florida Bar Condo Rider CR-7 Rev. 06/2025, Paragraph 3(c) Note: all Buyers and Sellers should consult an attorney for legal advice.

3(c)(i). If the Assessment Was Levied Before the Effective Date:
The party selected in the contract—either Buyer or Seller—must pay it in full at or before closing.
If no option is selected, the default is that the Seller pays.
3(c)(ii). If the Assessment Is Levied After the Effective Date but Before Closing:

The selected party is responsible for full payment before or at closing.
If no option is selected, the default is that the Seller pays.

3(c)(iii). If the Assessment Can Be Paid in Installments after Closing:

Sellers must pay all installments due on or before the Closing Date.
Remaining installments due after closing are paid by the Buyer or Seller, depending on the selection in this paragraph.
If no option is selected, by default, the Buyer is responsible to pay the assessments after Closing.
If the Association does not allow the Buyer to assume future installments, then the Seller must pay the full amount before or at closing—regardless of the contract selection.
⚠ This clause is very important for Buyers to understand. Many Buyers assume if the Seller is willing to pay any assessments levied before the Effective Date at Closing in Condo Rider paragraph 3(c)(i), that it’s a done deal. However, this paragraph 3(c)(iii) means if the Association allows for payments in installments after closing, and if Buyer is selected (by checking the box or by default when the box is unchecked), the Buyer would likely be responsible for the full value of that assessment, payable in installments, after Closing. This is why it is important that all real estate agents have a good understanding of these clauses in their negotiations, and that Buyers and Sellers consult an attorney for any questions they may have before they sign a contract.

4. When Is an Assessment Considered “Levied”?

An assessment is officially “levied” when it has been approved in accordance with Florida law and the condo’s governing documents.

5. Seller Disclosure Obligation:

The Seller must disclose any special assessments that they are aware of that have been levied or even discussed at Board meetings during the past 12 months, including the purpose and amount, if known.

🔎 Buyer’s Due Diligence Responsibility

While Sellers are required to disclose known assessments, Buyers are ultimately responsible for discovering any pending or discussed assessments during their due diligence period. This is why it is critical that buyers obtain and review the last 12 months of Board and Member meeting minutes and agendas, amongst other due diligence, where upcoming or proposed assessments are often discussed before they are officially levied.

Failing to uncover this information could result in unexpected financial obligations after closing. 🚩 Buyers should always seek legal counsel on contracts and addenda language.

✅ Buyer’s Due Diligence Checklist

Here’s some additional areas that smart buyers (and their agents) should investigate when purchasing a Condo in Florida:

💵 Financial Health of the Association

Understanding the financial condition of the condominium association is critical to assessing the long-term affordability and risk of owning in the building. Ask the following:

Are there adequate reserves? If so, how much is currently available, and how does this compare to the estimated cost of upcoming capital repairs?
Are there pending or planned special assessments? Buyers should carefully review the minutes and agendas of recent Board and Member meetings (12 months) to identify potential risks.
What do the financial statements and annual budget reveal about the Association’s cash flow and operating health?
Are there required repairs identified in the Milestone Inspection Report (MIR) or Structural Integrity Reserve Study (SIRS)? What is the estimated cost?
If there are upcoming repairs, does the Association provide a Sufficient Funds Affidavit, affirming that there is enough money to complete the work without additional special assessments?

🏗️ Building Repairs & Safety

Repairs and structural issues in condo buildings can lead to unexpected assessments or risks. Review the following:

What kind of repair or maintenance work is currently underway or planned in the building’s common elements?
Are any of the repairs required by county-mandated recertifications, or are they identified in the MIR or SIRS?
How will the repairs be funded: through existing reserves, a budgeted line item, or special assessments already in place?
Has the cost of repairs been confirmed, and is there a risk of additional future assessments?

🚗 Parking, Storage & Common Elements

Parking and storage rights can vary widely and may not automatically transfer with the unit.

What parking spaces and storage units, if any, are included with the unit?
Are the spaces assigned to the unit or reassigned at Closing?
Does the condo association have the spaces and units correctly recorded in its database?
Does the Seller currently use and possess the parking or storage spaces being advertised?

Resources

You can download a sample receipt of condominium documents by clicking here.

Documents Sellers Must Provide

At FOLIO, we help Buyers, Sellers, Investors, and Real Estate Agents navigate the condo market and close condominium transactions every day. If you need any help, please reach out to us to welcome@foliotitle.com or call us to 786-888-6640.
For the latest content, please subscribe to our Youtube Channel